Simultaneous Multilateral Search
作者： Sergei Glebkin , Ji Shen , Bart Zhou Yueshen
DOI: 10.2139/SSRN.3389756
关键词:
摘要: This paper studies simultaneous multilateral search (SMS) in over-the-counter (OTC) markets: when searching, an investor contacts several potential counterparties and then trades with the one offering best quote. Search intensity (how frequently can search) capacity many contact) affect market qualities differently. Contrasting SMS to bilateral bargaining (BB), model shows that investors might favor BB over if is high or distress. Such preference for hurts allocative efficiency suggests intrinsic hindrance adoption of all-to-all request-for-quote type electronic trading OTC markets.
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